Infineon Shares Rise After Guidance Upgrade
29 März 2023 - 9:46AM
Dow Jones News
By Mauro Orru
Shares of Infineon Technologies AG jumped in Wednesday morning
trading after the German chip maker raised forecasts for its fiscal
second quarter and the entire fiscal year, citing the resilience of
its core automotive and industrial businesses.
At 0710 GMT, Infineon shares traded 6.2% higher at EUR35.64.
The group on Tuesday said it now expects more than 4 billion
euros ($4.34 billion) in revenue for the three months ending March
31, above a previous forecast of around EUR3.9 billion. Its segment
result margin--Infineon's preferred measure of
profitability--should reach a high-twenties percentage in the
quarter, up from previous guidance of around 25%.
Chief Executive Jochen Hanebeck said in February that Infineon's
automotive and industrial businesses were benefiting from
energy-transition trends and the expansion of electromobility,
while sales of chips for smartphones, computers and data centers
were significantly weaker.
For fiscal 2023 as a whole, Infineon said revenue would be
meaningfully above a previous projection of roughly EUR15.5
billion, with a corresponding positive impact on its segment result
margin, though it didn't elaborate.
The company will set out more details along with its fiscal
second-quarter results on May 4.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
March 29, 2023 03:31 ET (07:31 GMT)
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